Week 15 Reading Reflection

1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations? 
One of the most surprising things was that he always lent money to women. Thinking about this more, it makes sense, it just really shocked me that this was an integral part of his business plan.
2) Identify at least one part of the reading that was confusing to you.
I still don't really understand his parts about his profit margins. He as clear in explaining his exact business model.
3) If you were able to ask two questions to the author, what would you ask? Why?
one question I would ask the author is, do you think there is a way to further incorporate technology so that companies such as yours can keep track of a larger population at a rapid pace? Another question is, what do you think is the most important factor preventing those living in poverty from gaining access to these kinds of loans? In an ideal world, how could you fix that?
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
No, there wasn't anything I thought he was particularly wrong about, but I also don't really know a lot about his specific business.

Final Reflection

1) Read through your blog from this semester. Recall all of the experiences you've had a long the way -- the highs, the lows -- the fun moments, and the moments of drudgery, and even the moments of dread.
Looking through my blog, I was surprised at how many posts I had written- I had gotten a lot done in terms of this class throughout the semester.

2) What sticks out to you as the most formative experience? The experience that you'll remember years later? What was your most joyous experience? What experience are you most proud of yourself for accomplishing?
Something that I'll remember from this class is having to go up to people I didn't know and not only talk to and engage them, but convince them to be recorded on video (many people feel uncomfortable being recorded by a stranger). Especially on the "Free Money" exercise, it was hard to do because I couldn't explain that it was for a class. I was proud of myself for accomplishing that exercise because it took me so far out of my comfort zone.

3) At the beginning of the semester, I mentioned that I wanted each of you to develop an entrepreneurial mindset. And we repeated the mantra -- I am an entrepreneur. Now, at the end, do you see yourself as an entrepreneur? Do you think you have moved closer to developing an entrepreneurial mindset?
While I still don't personally see myself as an entrepreneur, I feel it's much more of a possible career move I might make sometime in the future than when I started. I had always thought that an entrepreneur was a very specific type of person but now I realize how wide of a range of people choose to become entrepreneurs. 

4) What is the one recommendation you would make to the students who are going to journey down this path in the future? What would you recommend they do to perform best in this course? What would you recommend they do to foster that mindset?
Future students should definitely not underestimate this course just because it's all online and there are no exams. You have to constantly check what assignments are coming up, because there are A LOT of assignments. Additionally, everything is due at 9 instead of midnight, so everything has to be done earlier rather than later. The best mindset to have in this class is "just do it." Even if it seems uncomfortable or unnecessary, it will help you become a better entrepreneur. 

Venture Concept No. 2

Venture Concept Write Up Guide: Amico

Opportunity

The people who have the need for my app are mainly college students or young professionals in new cities who are looking to make new friends. However, this app could be used by literally anyone who is looking to make new connections with others in their area. Some of the forces in the environment creating this opportunity are that people are busier than ever, and also more reliant on technology. It seems harder than ever to meet new people in-person in daily life. Amico allows them to meet new people, and due to profiles, they know can tell if they have things in common or not. Currently, customers are satisfying this need by going to bars or large event and trying to strike up conversations with those around them. Some also use apps like Tinder to try to find friends instead of merely hookups. Some also use the BumbleBFF app, but it has yet to gain widespread popularity. This window of opportunity will not last much longer, as more apps like this are created. Eventually, one of them will gain enough momentum to dominate the market.

Innovation

            The app I am creating is called Amico, the Italian word for friend. It will allow users to find other people with similar interests in their area with the goal of creating new friendships. Users will create a simple profile that lists a few of their interests and a small paragraph about themselves with a picture. Users can view each other’s profiles, and if they mutually agree they’d like to meet, users can message back and forth. The app will make money through targeted advertisements. For instance, if both users list sports as an interest, a local sports bar ad could show. Not only does this ad provide a talking point for users, but it also allows advertisers to very specifically target their market. Advertisers will pay to advertise in the app, but the app would be free for users to download.

Venture Concept

            This app will solve the problem of trying to meet people in a fast-paced and technologically reliant world because users will be able to use the app on the go. The app will be designed with an easy to use interface. Customers will download the app because it will be free, and will enjoy it enough to keep using it or pay to download an ad-free version. Advertisers will want to buy ad space because of how well if will allow them to target their markets. It won’t be hard to get customers to switch because the app will be quite different than anything that is popular or prominent in the market. Competitors include Tinder and BubmbleBFF. The weakness of Tinder is that it is mainly used for hookups instead of making new friends. BumbleBFF has a similar weakness in that it is a subset of Bumble, a dating app. The interface and design of the logo will be very important. It needs to be appealing and easy to use so that customers will want to take the time to download and use it. The business would initially start out small with about 10-20 people to maintain the app and place advertisements in it.

Minor Elements

            My most important resource will be my connections to college campuses. Once something becomes popular and successful on one campus, it becomes easy to transfer the same model to other campuses and eventually larger cities. Something I would like to do that has been successful with other companies is hire campus representatives to promote the app. They would be paid to promote the app on social media and in different locations around the campus.

            The next part of this venture will be expanding to large cities and focusing beyond the initial target groups of college students and young professionals.

            Within five years, I’d like for the app to be a household name. Additionally, I’d like to figure out a way to make the app as safe as possible for users, so that users can feel comfortable with any of the people they meet on the app. 

Summary of Feedback and Changes

             Most of the feedback I got was positive, with several people saying they would use the app if it really did exist. One person mentioned that it may not be a great idea to have my sole source of revenue be advertisements, so I've decided to also include a version of the app where users would pay a small fee, such as $4 or $5, to download an ad-free version of the app. Many users also mentioned it would be very popular on college campuses, so I added a campus representative portion because I have seen that concept work very well with other companies, especially ones trying to break into the market.

Google Gold

1) A discussion of your general approach and strategy to search engine optimiation (SEO). What were some of the activities you did for each blog post to pursue SEO? 

Some of the things that enhanced my SEO was labeling each post with the suggested tags and titles. Also, the use of Youtube videos made it more appealing for viewers and helped get extra visits to my YouTube page. I also titled my blog ENT3003 since that was the name of the class.

2) What were your keywords. How did you select those keywords? Did you change or refine your keywords through the semester?

I made sure the title of my blog was ENT3003 because it was the name of the class and so that other students could easily find it if they Googled the class name. I didn't really change my keyword throughout the semester.

3) How did you use social media to enhance your SEO efforts? What your your surprises or general impression of using social media to improve your blog's profile? Was social media generally receptive of your blog, or did it get ignored?

My YouTube channel definitely enhanced my SEO efforts. I don't have many people who pay attention to my YouTube page in the first place, but I still think it helped enhance my SEO efforts because it allowed me to promote myself on another social media platform.

4) What was your most "viral" post? In other words, which post obtained the most traffic? Why do you think?

My most viral post was the "Free Money" post. I think this post received the most views because it included many videos, which people are always interested in. Additionally, the videos were short, so it didn't require that much of the viewer's time.

5) Finally, did you make it to the first page of Google results for your keywords? If not, what page of results did you make it to?

No, I didn't make it to the first page of results. After looking through 20 pages of Google results I gave up. I should have used a greater variety keywords and labeled more of my posts "ENT3003" so that my blog would show up more often.

This kitten and I are disappointed I didn't make the first Google results page.

Week 13 Reading Reflection

The biggest surprise for me from this reading was how extensive the due diligence section was. I knew that before buying any part of a company, you should research the market, product, and how well on the whole the company is doing, however the list in the book was very detailed and went into very specific sections and questions.

One part of the reading that was confusing to me was the term sheet and LOI section. I only partially understood what most of the vocabulary meant. I would've understood better if there had been an example of either included in the chapter.

One question I would ask to the author is, how can an online company such as Facebook or other apps work to increase their stock prices?

Another question I would ask the author is, what are common traits of industries who are about to experience an increase in rollups?

I didn't think the author was wrong about anything in this chapter.

Celebrating Failure

Many of the times in this class that I have failed to get assignments done revolved around interviewing strangers about various products. I have no problem meeting new people, but I still find it hard to go up to even one person, much less five people, to talk to them about a product or idea I have. I find it awkward for both me and the person I'm interviewing. I also feel bad about taking up some of the person's time. I think I only completed a few exercises involving interviewing potential customers throughout the semester.

I learned from this failure to, first, manage my time better. Sometimes I wouldn't interview people because I felt I was under too much of a time crunch. Additionally, I learned that I need to look ahead at assignments instead of waiting until the last minute. Finally, I learned that I just need to commit to interviewing people and see it as a necessary part of perfecting my idea, and that people are more likely to be helpful than not.

I really hate to fail. I think especially now, with technology like Facebook or Instagram, failure can be especially hard to deal with. Scrolling through your news feed, it seems like everyone is succeeding and you're the only one failing. Usually when I fail, I take some time after to work on improving some aspect of myself, whether that be reading more books, finding a new hobby, or trying some healthier recipes. I think this helps, since you know that even if you failed at one aspect in your life, you're succeeding in another. This class hasn't really changed my perspective on failure, though I may be slightly more inclined to take small risks.

My Exit Strategy

Ideally, if my venture does extremely well, I would like to take more of a majority shareholder role and join the board of directors instead of CEO about 5 years down the line. Eventually, likely about 10 years down the line, I will sell my share of stock and then have enough money to retire.

I chose this strategy because I would rather work on the more long-term visionary side of business, such as what happens during board of directors meetings, instead of being bogged down in the day-to-day running of the business. This exit strategy allows me to eventually do that, and also to retire with a good amount of money.

This decision has definitely influenced some of my other choices regarding the business. I am more focused on laying the groundwork for it now, and then once someone else becomes CEO, it will be easier for me to think about the business long-term and gently guide it towards that direction. I don't want to immediately sell my business after retiring from CEO because I feel many businesses have shown poorer performance after something like that happened.

Week 12 Reading Reflection

The biggest surprise in this reading was the "fatal visions in strategic planning section." I realized there was a large amount of those that applied to me.

One part of the reading that was confusing to me was the entrepreneurial strategy matrix model. It seemed like a confusing way to describe the specific situations.

One question I have for the author is, what is the best way to overcome one-person-band syndrome? Another question is, if I'm more of a managerial leader, how do i gain some of the positive traits of visionary or strategic leaders?

There wasn't really anything specific I disagreed with the author about in this chapter.

Venture Concept No. 1

Venture Concept Write Up Guide: Amico

Opportunity

The people who have the need for my app are mainly college students or young professionals in new cities who are looking to make new friends. However, this app could be used by literally anyone who is looking to make new connections with others in their area. Some of the forces in the environment creating this opportunity are that people are busier than ever, and also more reliant on technology. It seems harder than ever to meet new people in-person in daily life. Amico allows them to meet new people, and due to profiles, they know can tell if they have things in common or not. Currently, customers are satisfying this need by going to bars or large event and trying to strike up conversations with those around them. Some also use apps like Tinder to try to find friends instead of merely hookups. Some also use the BumbleBFF app, but it has yet to gain widespread popularity. This window of opportunity will not last much longer, as more apps like this are created. Eventually, one of them will gain enough momentum to dominate the market.

Innovation

            The app I am creating is called Amico, the Italian word for friend. It will allow users to find other people with similar interests in their area with the goal of creating new friendships. Users will create a simple profile that lists a few of their interests and a small paragraph about themselves with a picture. Users can view each other’s profiles, and if they mutually agree they’d like to meet, users can message back and forth. The app will make money through targeted advertisements. For instance, if both users list sports as an interest, a local sports bar ad could show. Not only does this ad provide a talking point for users, but it also allows advertisers to very specifically target their market. Advertisers will pay to advertise in the app, but the app would be free for users to download.

Venture Concept

            This app will solve the problem of trying to meet people in a fast-paced and technologically reliant world because users will be able to use the app on the go. The app will be designed with an easy to use interface. Customers will download the app because it will be free. Advertisers will want to buy ad space because of how well if will allow them to target their markets. It won’t be hard to get customers to switch because the app will be quite different than anything that is popular or prominent in the market. Competitors include Tinder and BubmbleBFF. The weakness of Tinder is that it is mainly used for hookups instead of making new friends. BumbleBFF has a similar weakness in that it is a subset of Bumble, a dating app. The interface and design of the logo will be very important. It needs to be appealing and easy to use so that customers will want to take the time to download and use it. The business would initially start out small with about 10-20 people to maintain the app and place advertisements in it.

Minor Elements

            My most important resource will be my connections to college campuses. Once something becomes popular and successful on one campus, it becomes easy to transfer the same model to other campuses and eventually larger cities.

            The next part of this venture will be expanding to large cities and focusing beyond the initial target groups of college students and young professionals.

            Within five years, I’d like for the app to be a household name. Additionally, I’d like to figure out a way to make the app as safe as possible for users, so that users can feel comfortable with any of the people they meet on the app. 

My Unfair Advantage

Knowledge of the target market- I have first-hand experience with both of the main target markets, college students and young professionals, which gives me insight into what they want from an app like this.

            Valuable- yes

            Rare- no

            Inimitable- no

            Non-substitutable- no

Connections to IT workers (for app development)- I have many friends who are currently working in coding or designing apps, which would be valuable when conducting app development.

            Valuable- yes

            Rare- no

            Inimitable- no

            Non-substitutable- no

Experience in marketing to millennials- my current job of director of campus operations for Study Edge gives me valuable experience in how an established company markets to millennials.

            Valuable- yes

            Rare- yes

            Inimitable- no

            Non-substitutable- yes

Organization- I am very organized, which allows me to juggle a wide range of responsibilities without compromising quality in them.

            Valuable- yes

            Rare- no

            Inimitable- no

            Non-substitutable- no

Time Management- This trait allows me to accomplish a long list of obligations in a short period of time.

            Valuable- yes

            Rare- no

            Inimitable- no

            Non-substitutable- no

Energetic- I am often energetic and positive, which allows those around me to associate energy and positivity with me, and therefore, my brand.

            Valuable- yes

            Rare- yes

            Inimitable- yes

            Non-substitutable- no

Knowledgeable about banking and financial statements- My past internship, as well as the business classes I have taken, have made me knowledgeable about things like how banks operate and how to read financial statements, which will give me an advantage when planning financials and applying for loans.

            Valuable- yes

            Rare- no

            Inimitable- no

            Non-substitutable- no

Approachable- I’m very easy to talk to and I tend to smile easily, which helps make other people more comfortable. I get asked for directions by strangers pretty often (even though I’m not very good at giving them) or to take pictures because I seem friendly and helpful. This will make it easier for employees to ask me questions without feeling intimidated or to form business relationships with others.

            Valuable- yes

            Rare-yes

            Inimitable- yes

            Non-substitutable- yes

Strong writing skills- Writing is naturally my stronger suit (as opposed to math) and I have a good amount of experience in writing business correspondence.

            Valuable- yes

            Rare- no

            Inimitable- no

            Non-substitutable- no

Connections to bankers- Due to my Mom working in banking, as well as my internship, I have many connections to those currently working in banking, which will give me an advantage when applying for loans or completing financial statements.

            Valuable- yes

            Rare- yes

            Inimitable- yes

            Non-substitutable- no

Conclusion:

My top resource is being approachable. This resource is extremely important when making new business relationships, either with those in other companies or with employees. It’s also something that’s hard to copy or imitate if you don’t naturally have it. 

Week 10 Reading Reflection

The biggest surprise for me in this reading was how many different items go into a balance sheet and how specific many of them are. After reading each of the terms I understand the need for how specific they are, but I never would have guessed this was how complicated it is to create a balance sheet.

One part of the reading that was confusing to me was the capital budgeting. I don’t really understand the reasoning behind the formula or why this isn’t include in the regular budget as its own category.

One question I would ask the author is, how do you know when you should get an accountant for your venture? Is it based on how large the venture is?

Another question I would ask the author is, how do you adjust the budget when something impactful and unexpected happens to the business?

I didn’t really think the author was wrong about anything. I don’t know very much about accounting, so I am just assuming what is written in the chapter is correct.

Elevator Pitch No. 3

Reflect: On my second elevator pitch, the feedback included that they enjoyed my confidence and that I seemed relaxed. More specifically, they liked my changed beginning and that I used a full range of motion when talking.

Change: I decided to change the ending this time, so that I could mention that app name again. After watching my previous video I realized I only said the name once, and therefore an investor could easily forget what the app was called. Repeating it at the end allows for a quick reminder of the name. Additionally I tried to use more action words and better descriptors. I also practiced a few more times before recording.

Week 9 Reading Reflection

The most surprising thing about the reading was “The Guerilla Marketing Plan” section. I had always thought of guerrilla marketing as just coming up with a clever and innovative way to market your product, but it was interesting to see how much thought and effort goes into coming up with an effective plan.

One part of the reading that was confusing to me was the pricing strategies section. They explained the concept of the sections well, but there should have been more examples so that I could relate the concept to a concrete product or service.

One question I would ask to the author is how do you know if your product is unique enough to use the skimming strategy instead of the penetration strategy?

Another question I would ask to the author is, since the consumer-driven philosophy is the most effective, why do so few companies adopt it? Is it due to price? Time?  The author didn’t really explain this.

Something I thought the author was wrong about was the 4 Cs concept. Although it’s something to think about, you can’t disregard the original 4 Ps strategy- it encompasses the things you need to think about when starting a business.

Idea Napkin No. 2

Idea Napkin

I am currently a junior undergraduate at the University of Florida. My experience includes interning at Cornerstone Community Bank where I learned how to interact with clients as well as conduct industry research. Currently, I am a Director of Campus Operations for Study Edge where I am learning how to effectively market a product to millennials, specifically college students, and how to effectively position a product and company against a competitor. If I were to start this business, it would have to come second to my education because that is the most important thing in my life right now.

The product I am offering to customers is called Amico, the Italian word for friend. It would work as a “Tinder for friends,” in which users can see other user profiles in their area to meet new people. Users can swipe up if they’d like to talk to the profile, or down if they would not like to. If both users swipe up, they will be “matched” and can message each other to see if they’d like to meet. This product will make money through advertising through targeted ads based on shared user interests. For instance, it both matched users have an interest in shopping, an ad for a local boutique could show. This would provide a talking point for the users as well as advertising for businesses. The app would be free to download for users. Eventually, the app could be designed so that users could also have the option to pay for an ad-free app experience. The app will try to ensure the safety of its customers by requiring those using the app to sign up through a Facebook account or using a .edu email address.

The main demographic for this app would be 18-35 year olds. The app would be geared towards both genders. College students and young professionals in large cities are the main target audience. Within college towns, out of state students will especially be targeted. Additionally, local sports teams could use the app to find new players, so local sports leagues will be targeted. All the customers have a desire to connect with new people in their area and form new friendships.

Although customers would not be paying to download the app, companies would pay to advertise their business. Users would find this app valuable because it allows them to meet new people outside of their social circle that they know have similar interests and are in their area. Businesses will appreciate the targeted approach of the advertising and therefore will pay to advertise on the app.

Something that sets this app apart is that there is no other well-known and popular app that allows users to meet others with similar interests in their own area without any prior connections (such as mutual friends on Facebook). Examples of interests could be sports teams, types of food, travel, adventurous activities like rock climbing or skydiving, or more relaxed options like going to the mall or seeing a movie.  

I believe these elements fit well together. This app represents a new way of meeting and making friends, which is perfect for the demographic I am targeting. I think this app will be difficult to get off of the ground initially, because it will have to be spread mainly through word of mouth, since I won’t have money to put into advertising it extensively without the help of investors. The weakest aspect of my business would be that I would not be able to devote very much time to the app until I have graduated from graduate school. Additionally, I have little knowledge of creating and maintaining apps, so I would need to employ a team to create the app as well as continuously fix any bugs or glitches that may occur.

Feedback Memo

One point that came up multiple times in the comments was the safety aspect. While it’s extremely difficult to verify every member on an app such as this without asking for sensitive and private information, I tried to cut down on fake profiles by adding that users will have to sign up through either a Facebook account or using an .edu email address. This won’t solve the problem completely, but will hopefully cut down on the amount of fake profiles and increase user safety.

Another point was whether this was targeted specifically towards women or not. While initially that was my intention, after looking at more feedback and thinking it over, I’ve decided it will be geared towards both genders, in order for it to appeal to as many customers as possible.

Another point commonly brought up was the appeal of this app for out of state students in college. I’m not sure how many advertisers would be allowed to promote their product to incoming freshman at university events, but this would definitely be a great audience to specifically target. I have included this in my target market paragraph.

One interesting point from a commenter was that the app could be used to recruit for sports teams on campus or for local teams. I hadn’t thought about this at all, but it would be very useful since it can be hard to find people who play and enjoy a specific sport. This also helped me in my choice to promote this app to both genders, since there are so many males who enjoy watching or playing sports.

Finally, I included young professionals, especially in big cities in my target market. Several commenters mentioned how an app like this would have been useful for themselves or friends moving to big cities, so I made it more of a point to mention this in my idea napkin.

Half-way Reflection

Tenacity is extremely important in entrepreneurship, as it keeps you going even when times get tough.

One of the behaviors I've developed for this course is being consistent and constantly checking and planning my days. One week I wasn't being consistent and I fell behind. This course has a lot of assignments and its easy to miss deadlines, so it's very important to keep up with Canvas and various due dates in order to not fall behind.

Most of the times when I've felt like giving up have centered around assignments that require videos, especially if they're only worth one point. It just seems like more trouble than it's worth. Things that keep me going include that the class is only 100 points, so even that one point assignment can make a huge impact. Additionally, this is my last business course I have to take, so knowing that once I'm done with the class I can really concentrate on my major gives me a lot of motivation. I don't think any specific experiences have made me more tenacious in the past 2 months, my attitude has always been if it needs to be done, then get it done.

My first tip would to be to buy a planner and actually use it so that you don't  miss any assignments. It's easy to get discouraged in a class when you feel like you've lot a lot of points unnecessarily.

My second tip would be to be realistic about how much of these assignments you can get done in one day. Many of them require some planning and interaction with other people, so they take at least two days. Plan ahead.

My final tip is to make use of YellowDig. It's easy to get points and not too difficult to tailor it so that the articles are things you're interested in but are also relevant to the class. It also helps to fall back on YellowDig if you've lost points so that you don't give up on the class as a whole!

Free Money

I went to Larry's Subs and my apartment complex to hand out the money. I will approach people who are around my my own age. I will introduce myself and explain to them that the money is part of a "pay it forward" program. My plan is to offer them the money after I say that. I was able to give away 4 out of the 5 dollars.

Giving a dollar away was easier than I anticipated. Maybe it was because I approached college students who may be tight on their money, but most people accepted it. I think more people accepted the money than I had planned because I said it was part of a pay it forward program, which many people seemed to favor and respond to.

Week 7 Reading Reflection

The biggest surprise for me in the reading was that segmentations need to be so focused and need to be changed so often. I had always thought of segmentation as very broad and very brand specific. I wouldn’t really expect the customer segment of companies to change that often, but I can see now that they are something that constantly needs to be reevaluated for effectiveness.

One part of the reading that was confusing to me was “The Way Back” section. It seemed like the author kept listing more and more questions companies needed to consider, which made me overwhelmed when reading. I felt like this section made segmentation seem like more trouble than it was worth because there were so many factors to consider.

One question I would ask the author is, what is the most important question to focus on when deciding between two different segments? Another question I would ask the author is, how should customers be segmented? Is the segmentation specific to the business or are there general categories that can be applied?

There wasn’t anything in the article that I really disagreed with, I thought he did a good job of explaining his points.

Elevator Pitch No. 2

The feedback I got from my last video was all positive, so I asked my friends what I could improve on, and they said that the beginning wasn't captivating or interesting enough. I decided that was the part of my pitch to improve on.

Based on this feedback, I changed the beginning of my pitch to try to grab more of the attention of the person listening. I also tried to make the overall pitch flow better, which resulted in it being about 10 seconds shorter than my previous pitch. I think this makes the pitch stronger and easier to understand.

Week 6 Reading Reflection

The biggest surprise from this week’s reading from Harvard Business Review was that “industry structure drives competition and profitability” as opposed to other factors. I never really thought about business and profitability in this way, but seeing it explained thoroughly in the article, it makes sense. It’s something I will now think about when choosing to start a new business.

One thing that was confusing in the article was the author’s stance on positioning and competition. In one part of the article, he seems to imply that having rivals/competitors is healthy for the market and industry, then in another part of the article he praises Paccar for choosing an industry with weak competitive forces and little price-based rivalry. These two points seem to contradict each other, which confused me while reading the article.

One question for the author is, what would be an advantageous industry to enter in today’s market? Another would be, how exactly does one expand the profit pool? Is it specific to each industry or is there a method that applies to all of them?

I guess what I disagree with the author about relates to my earlier point about contradictory statements. He seemed to take both sides throughout much of the article, and to be quite honest I felt like a good amount of the article focused on things that seemed like common sense. While he definitely made some great points, the article could’ve been much shorter and better to read it he had cut out the common sense points.

Idea Napkin No. 1

I am currently a junior undergraduate at the University of Florida. My experience includes interning at Cornerstone Community Bank where I learned how to interact with clients as well as conduct industry research. Currently, I am a Campus Representative for Study Edge where I am learning how to effectively market a product to millennials, specifically college students, and how to effectively position a product and company competitively against a competitor. If I were to start this business, it would have to come second to my education because that is the most important thing in my life right now.

The product I am offering to customers is called Amico, the Italian word for friend. It would work as a “Tinder for friends,” in which users can see other user profiles in their area to meet new people. Users can swipe up if they’d like to talk to the profile, or down if they would not like to. If both users swipe up, they will be “matched” and can message each other to see if they’d like to meet. This product will make money through advertising through targeted ads based on shared user interests. For instance, it both matched users have an interest in shopping, an ad for a local boutique could show. This would provide a talking point for the users as well as advertising for businesses. The app would be free to download for users.

The main demographic for this app would be 18-35 year olds. The app would also mainly be geared towards women, though it would be available to both genders. College students and young professionals in large cities are the main target audience. All the customers have a desire to connect with new people in their area and form new friendships.

Although customers would not be paying to use the app, companies would pay to advertise their business. Users would find this app valuable because it allows them to meet new people outside of their social circle that they know have similar interests and are in their area. Businesses will appreciate the targeted approach of the advertising and therefore will pay to advertise on the app.

Something that sets this app apart is that there is no other app that allows users to meet others with similar interests in their own area without any prior connections (such as mutual friends on Facebook).

I believe these elements fit well together. This app represents a new way of meeting and making friends, which is perfect for the demographic I am targeting. I think this app will be difficult to get off of the ground initially, because it will have to be spread mainly through word of mouth. The weakest aspect of my business would be that I would not be able to devote very much time to the app until I have graduated from graduate school. Additionally, I have little knowledge of creating and maintaining apps. 

Week 5 Reading Reflection

The biggest surprise for me from this reading was the definition of trade secrets. I always thought that trade secrets meant something like how to conduct business. I didn’t know it was something so specific and thought there was a law that addressed this concept specifically.

            

Something that was confusing for me was the bankruptcy section. Some of the specifications that made each type of bankruptcy different, such as liquidation, reorganization, or adjustment didn’t really make sense to me.

            

One question I have for the author is, how difficult do they consider it to obtain a patent for the average person? Another is, for a entrepreneur starting a business for the first time, what structure would be best, sole proprietorship, partnership, or corporation?

            

There wasn’t really anything I disagreed with the author about, since most of the chapter was explaining legal processes instead of opinions. 

Elevator Pitch No. 1

The idea for an app is called Amico (the Italian word for friend). This app would function similar to a Tinder for friends. The opportunity I saw was that there are no app services for people who want to make friends with those who have similar interests in their area. It can be hard to make friends, especially when moving to a new city. The solution to this problem is an easy matching service where users share a short paragraph and a few main interests and then "match" with other users in their area.

Week 4 Reading Reflection

The biggest surprise for me was the types of innovation section. I had just always assumed that for a person to be considered an entrepreneur, they had to come up with a completely new idea or invention. However, this section showed me that improving upon an existing idea or combining multiple ideas can also lead someone to become an entrepreneur.

One part of the reading that was confusing to me was the incongruities section. I just didn’t really understand the definition and the example they gave didn’t help much either.

One question I would have for the author is, what do you think the next big opportunity trend will be? Another question I would ask is, what is the best way to overcome self-doubt in relation your creative ideas?

There wasn’t really anything I disagreed with the author about in this section. I’m not the most creative person, so receiving advice like what was talked about in the chapter was really helpful.

Top 5 World Problems

Ranked World’s Biggest Problems

1. Clean water.
2. Climate change.
3. ISIS.
4. Renewable energy.
5. Nuclear proliferation.

I think clean water is the biggest problem for our world because it’s something that affects every part of our world. Humans, animals, plants, the ecosystem as a whole, almost everything needs water to survive, and it’s important that the water is clean. It’s easy to ignore a problem like this because it’s not as if the world will run out of clean water tomorrow, but we need to be proactive in making sure the problem does not become even worse.



Ranked Solutions

1. Make renewable energy options cheaper and more convenient to use.
2. Enact stricter pollution laws.
3. Provide education on warning signs of human trafficking and enact zero tolerance laws for human trafficking.
4. Sending educators to countries that don’t have education systems and talk to educators on how to improve our own education system.
5. Create an invention that would allow ocean water to be clean enough to drink.

I think making renewable energy options cheaper and more convenient is the most implementable solution because the base technology is already there. It’s simply a matter of presenting the technology in a more consumer-friendly manner. If things such as solar panels were more convenient and affordable for the average consumer, there could be a hugely positive impact on the environment.

Week 3 Reading Reflection

The biggest surprise for me from Chapter 2 was the psychic risk section. I had not really considered that the psychological impact from a failed business venture could be so catastrophic, but I can see now that it is a very real risk to consider. This is perhaps the one thing entrepreneurs place on the line when starting a new business that they many never be able to fully regain.

One part of the reading that was confusing to me was the typology of entrepreneurial styles chart. I understand the general idea of what it represents, but using terms like “activity seeking” or “risk avoiding” seem confusing to me on their own.

One question I have for the author is, can morally questionable acts in business ever be justified? For instance, if a charity engages in bribery so that they can get their supplies to those who need it? Another question for the author is, what is the most important thing (besides industry guidelines) to include in a company’s code of conduct?

One thing I disagree with is that there is a family and social risk to entrepreneurship. You prioritize what do you do in life, and if you decide the business you’re starting is more important than the family or friends you have, it is your own fault. Of course, an extra business trip or missing a party might be something that can’t be avoided, but constantly putting the business above your own relationships is the fault of the entrepreneur.

Identifying Local Opportunities

As Florida McMansions multiply, neighbors cope in the shadows
http://www.tampabay.com/news/business/realestate/as-florida-mcmansions-multiply-neighbors-cope-in-the-shadows/2262310
More and more large houses are being built in Florida, which is great for the housing market but unfortunate for the neighbors that have to live next to them. In addition to dealing with construction for extended periods of time, these mansions often compromise the privacy of their neighbors since they have to be built high off the ground to comply with flood insurance restrictions. This has caused neighbors to either have to modify their homes or move to a new location.
The problem is that these new homes are invading the privacy of their neighbors.
This affects Florida homeowners and realtors.

Guns-on-campus proposal likely dead for 2016 session
http://www.tampabay.com/news/politics/stateroundup/florida-senate-chairman-bill-to-open-campuses-to-gun-toting-students-is/2262272
A proposal to allow those with concealed weapons permits to carry their weapons on public university and college campuses has not been scheduled for a hearing for 2016, almost effectively blocking a vote on the legislation. Those in favor of the idea are seeking other ways to continue the proposal, while those against it have voiced their support for the decision of Senator Diaz de la Portilla to not hold a hearing on the legislation.
The problem is that the issue of concealed weapons on campuses has not yet been solved.
This affects Florida public university students, staff, faculty, and visitors.

Uber's low fares spark backlash: drivers protest pay cuts, customers may face surge pricing
http://www.tampabay.com/news/transportation/ubers-low-fares-spark-backlash-drivers-protest-pay-cuts-customers-may-face/2261405
Uber has lowered their prices in order to draw more customers due to the “winter slump”, however many Uber drivers in Tampa are protesting this decision, saying the weather doesn’t affect their region as it does in other places up North. Many drivers are saying they barely make a profit driving at the new rates, and therefore have made several protests, including all drivers logging off the app at the same time. Other drivers have logged off at strategic times in order to drive up surge prices, then logged back on in order to make a higher profit.
The problem is that both drivers are becoming dissatisfied with Uber in the Tampa area.
This affects Uber drivers and customers.

Bill would allow Florida students to advance at their own pace
http://www.tampabay.com/news/education/k12/bill-would-allow-florida-students-to-advance-at-their-own-pace/2261040
A bill filed by Senator Jeff Brandes seeks to personalize the school experience of students in Pinellas and Lake counties by allowing them to move on to more difficult material before the end of the semester. This could allow more advanced students to speed up the graduation process while allowing other students who need more time to focus on the course.
The problem is that some students are advanced enough to move on to more difficult material, but can’t under current school education plans.
This affects middle school and high school students and their teachers and staff in Pinellas and Lake counties.

Mayor Kriseman pledges $1 million to fight violence and poverty in St. Petersburg
http://www.tampabay.com/news/politics/local/mayor-kriseman-pledges-1-million-to-fight-violence-and-poverty-in-st/2260747
Several recent shootings have left 8 teenagers dead. Mayor Kriesman has pledged $1 million of the city budget towards solving the poverty and violence problems that are prevalent in South St. Petersburg. This budget will be focused towards education and access to jobs. A task force will decide how to best spend the budget.
The problem is that there had been a recent increase in violence in St. Petersburg.
This affects the citizens of St. Petersburg.

World's Biggest Problems

1. Clean water is a huge problem in our world. With a growing population and increasing levels of pollution, finding clean water needs to be a priority. A solution would be to create an invention that would allow ocean water to be clean enough to drink.

2. Climate change is another huge problem. While people may not always agree on the causes, it is important to react to these changes, such as rising water levels caused by melting ice, increasingly strong hurricanes, and many species becoming endangered or extinct because they cannot adapt to the new climate. One solution would be to enact stricter pollution laws so that we don’t make the problem even worse.

3. Finding a source of renewable energy is another major concern. We cannot continue to sustain the amount of energy we use solely using fossil fuels. A solution to this is to widen the availability and effectiveness of renewable energy sources such as solar panels or windmills. If these options are cheaper and more convenient to use, more people will be likely to use them.

4. ISIS is another major problem in our world today. Many people live in fear of the possibility of an attack from them. A possible solution includes attacking their organization through the Internet. They mainly recruit through social media platforms and undoubtedly communicate online, so taking out their Internet capabilities would weaken their organization and would hopefully open up the opportunity to eliminate them completely.

5. Education inequality is another major problem. There are huge disparities not only between first and third world countries, but even within countries, states, and cities. A possible solution is sending educators to those countries that don’t currently have an education system, as well as speaking to current educators on how to improve the school system.

6. There is a huge technological gap between developed and developing countries. It is almost impossible for these developing countries to compete economically with those that are developed since so much of today’s world involves technology. A solution is to work on developing countries technological infrastructures or to use recycled technology to help them catch up to other parts of the world.

7. Nuclear proliferation is another huge problem. More and more countries are developing nuclear weapons which could lead to a disastrous nuclear war. One solution would be to set worldwide nuclear restrictions and to slowly reduce the number of nuclear weapons.

8. Another problem is worldwide hunger. Many people, even in our own country, do not have sufficient access to food. One way to solve this is through genetically modified foods that are more resistant to disease or can grow in wider range of climates.

9. Unfair labor and working conditions are another worldwide problem. Many people labor incredibly long hours for very minimal wages that barely cover food or housing. Additionally, they work in conditions that negatively affect their health. One solution is to increase workers’ wages, and another is to make and enforce stricter labor laws that will protect workers.

10. Finally, human trafficking is a worldwide problem. It allows humans to be exploited in a variety of ways. A possible solution is to provide education on the warning signs of human trafficking and for world leaders to work together to create stricter enforcement and zero tolerance for human trafficking.

Week 2 Reading Reflection

One of the things that surprised me the most was the amount of entrepreneurs in the United States. According to the book, “new business start-ups numbered nearly 600,000 per year.” I had no idea that entrepreneurship was so common, I always thought it was a very small number of people who could be considered entrepreneurs.

Something that was confusing to me was the displacement school of thought. I just didn’t really understand how it related to the entrepreneurial process.

One question I would have for the author is, what is the factor that separates the gazelles from more slowly growing businesses? Another question is, how do they think they fair trade movement will develop in the next few years? Will it gain or lose momentum?

I didn’t disagree with anything the author said, but I also don’t know a lot about entrepreneurship yet. I think I’ll have more to disagree with once I gain more knowledge about entrepreneurship.

Bug List

1. Taking out the trash at my apartment complex requires a half-mile walk.
There’s only one dumpster for the entire complex.
2. There aren’t enough parking spaces on the UF campus during 9am-4pm.
These are the times when most students have class, and many commute by car.
3. I never know how to dress correctly for the weather, I either wear too much or too little.
My weather app doesn’t correctly identify the weather conditions.
4. Scheduling things like what day of the week to get drinks together with my friends or hangout is difficult.
We don’t have the same class or work schedules.
5. My laptop will have low battery during class, but I won’t be near any outlets.
The battery is old and doesn’t work as well.
6. The surge pricing for Uber goes up a significant amount right after the bars close on Fridays and Saturdays.
There are a lot of people trying to use Uber at the same time.
7. Breakfast restaurants are packed on Saturday and Sunday mornings.
Many people get breakfast on the weekends because there’s no work for many people.
8. The Starbucks line at Marston takes 15-20 minutes to make a drink when it’s in between classes.
Students are trying to get coffee before class starts.
9. Library West and Marston Library don’t have enough seats during finals week.
More students than usual need to study at the same time because all the exams are in the same week.
10. My Cox wifi doesn’t work properly.
Many people are using the wifi at the same time, and Cox doesn’t have very good service.
11. My textbooks are ridiculously expensive.
Professors and publishing companies take advantage of students who must purchase the book in order to pass the class.
12. The McDonald’s on University and 13th is only drive-thru at night.
I really don’t have an answer for this, they should have it open since they lose a lot of business this way. Maybe they don’t have enough workers.
13. I can constantly hear people walking around or talking outside my apartment.
The walls in my apartment are very thin.
14. All of my favorite TV shows are on at the same time.
Certain time slots are more popular for TV viewers, so different channels want to attract the most viewers at the same time.
15. Avocados are extremely hard to cut open and slice.
The outside skin is very thick.
16. My lipstick wears off after eating or drinking.
The formula doesn’t adhere well to skin.
17. People who cut me off while I’m driving.
They don’t know where they are going or are bad drivers.
18. My car is washed and clean, then two days later it’s dirty again.
Pollen accumulates on the car, and the white color makes it easy to see all the dirt.
19. My printer isn’t printing everything on the page, even though I just replaced the ink.
The hardware of the printer is malfunctioning.
20. My new shirt shrunk in the dryer.
The craftsmanship of the shirt is poor and I left it in the dryer for too long.

Reflection
I found it really difficult to come up with 20 items for this list, even though I think I complain a lot. It’s hard to analyze everything throughout your day and think of ways that it could be improved, or what is the root cause of what’s annoying you. I also realized how stupid some of the things that “bug” me are. It made me more grateful for the life I have.